#Blackrock took 11,500 $BTC from Supply in 2 days
900 Bitcoin are issued daily, and you can see Blackrock's move into their cash supply from last night into Bitcoin, buying the dip. Now, they mostly hold Bitcoin.
The key point is 11,500 BTC were sucked from the system in 2 days by 1 player.
That alone is approximately 13 days of supply.
In addition, IBIT Spot ETF only managed an average of 25% of the volume over two days - so we can assume 46K in 2 days was sucked out (yeah, I know $GBTC impacted this). Net net, if this pace continues, we're facing a severe supply crunch.
Assuming 11,500 x 4 = 46,000 or 23,000 per day, that's 25.56 times the daily production consumed by US ETFs per day alone... forget about retail investors, other global ETFs etc.
Ignore the price fluctuations; this asset is incredibly hard, and if this continues, we will face an extreme supply crunch. #Bitcoin ETF launch was a huge success (despite egregious GBTC fees)
🚨 BREAKING: 🇭🇰 Hong Kong's Financial Secretary Drops Bombshell Prediction about Web3 and #Crypto 🔥
🇨🇳 A seismic move that even CHINA can't ignore 😳
A thread 🧵
Self-custody is important. And social recovery and multisig is a great way to do it.
A quick reddit post on how I think about choosing guardians for social recovery and multisig wallets:
https://t.co/FY1iyJ6BFC